Posted on 11/06/2007 4:44:12 AM PST by ml/nj
LONDON (Thomson Financial) - Gold hit its highest price since January 1980, following record high oil prices which stoked inflation jitters.
The precious metal rose to as high as 819.93 usd per ounce, its highest price since the 1980 peak of 850 usd, just as London's Brent oil hit a record high of 92.36 usd per barrel.
(Excerpt) Read more at fxstreet.com ...
BUMP
Good thing I bought in 2003.
I have been stockpiling Silver and buying some Gold too on my modest income for the last year or so. Everyone made fun of me. They're not laughing now, and a few of them have even come to me for advice on where to buy.
I bought an ounce of gold three weeks ago for $736 US. Guess that was a bad investment.....I’ll take an almost $100 profit in three weeks, wouldn’t you?
Gold is not an investment in the sense that stocks, bonds, or yes, even real estate, is.
Gold is a hedge.
Did I say they were illogical? No. I just pointed out that there is always a market for "the sky is falling, we are all doomed" thinking. Just as the guy who wakes up every day and says to himself "today I'm gonna die" will eventually be right, writers who prophesy economic collapse will, I'm sure, eventually be correct.
My point is that living every day in the fear that it will be your last is a poor way to spend life. Spending your entire life investing in gold, MREs and OO buckshot, because some guy with a newsletter or nowdays webpage says the sky is about to fall, is not fulfilling either economically, or spiritually.
Oh, Freepers who want a good gold bug/the sky is falling primer, can't do better than Robert J. Ringer's 1983 classic How You Can Find Happiness During the Collapse of Western Civilization. A review of it can be found here. I still have my copy.
Who knows, maybe this is it. Maybe it is all going down the tubes, and we will be queing up for our Soylent Green ration in a few years. I'm just pointing out that the gold bugs were making the exact same predictions in the years and months just before the greatest periods of prosperiety in our nation's history.
Do you believe that we are "in the years and months just before the greatest periods of prosperiety in our nation's history.?"
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OMG, I’ve not even looked at my stock funds in weeks. It is way up there.
Thanks for the ping
I did not wait for gold but retired on other bases. Had I waited for gold I would still be working 8-5.
I bought when gold was 290 and silver was around $5. It wasn’t the very best investment I could have made, but a tripple in 9 years isn’t bad either.
Me too. Put everything I had into PMs in 2001- some physical, but mostly PM stocks to get the leverage stocks give you. At the time, I thought it was the closest thing to a sure thing I would ever see. Junk silver was selling for close to its face value! SSRI was selling for $2. Hit $45 today. When you hit it with capital gains and consider the drop in the USD, it doesn’t look quite as good, but I’m not complaining.
That was a great period, and I had many friendly arguments with people about the delayed cost of the unfunded consumption that was driving that "greatest" period. It was one of my arguments that our greatest period of prosperity was paid for by assets generated by the efforts of the "greatest generation" (which was not our generation). The real issue of debate was about the impact of our consumption on later generations. As I remember it, that issue was the heart of the "gold bug" thinking. I don't think the sky is falling, but I do think the US is facing a new order where we are no longer dealing from a position where we hold all the trump cards.
I believe we could be, if we could somehow throw off the cloak of Globalism that is smothering the independent thinking American people in favor of the royal families that are being established to rule sections of the world. History has proven the raw strength of a united, independent, American people focused on the ideal that America is good and American ideals are right. But, I fear that we are no longer united and far too many people have accepted that America is not good and American ideals are no longer correct.
Absolutely. I just bought 100 oz silver last week. Up almost $1 so far.
.....Bob
If you can find American Morgan Dollars, those are highly sought after as well and go for quite a premium. I haven’t bought any 100 ounce bars, I generally go for 20s, 10s and American Eagle coins and Maple Leaf coins.....
Happy silver collecting, you’ll do well, it will surge in price very soon, especially once the shorts start to feel the squeeze.
I have purchased a couple of rolls of American Eagles a year for the last few years.
I love to buy and sell silver rounds on ebay. I check craigs list daily for good deals locally. About once a week you can find somebody willing to sell silver cheap on Craigs list.
I picked up 20 oz of silver rounds on ebay this am for about 50 cents under the spot price right now.
I simply like to play in the market.
.....Bob
14: exactly.
I never bought SSRI, but did buy SLW, also bought CEF.
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